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Samsonite in CVC rescue deal
The world’s largest luggage-maker Samsonite has been thrown a last-minute lifeline by its private equity owner CVC, it said yesterday.
Samsonite was on the verge of breaching its lending covenants before CVC signed a deal with lender RBS, giving the taxpayer-owned bank a stake in the US suitcase firm. Samsonite’s pre-tax profits plunged from $120m (£70m) to $40m last year.